PDF 原檔：260601_6531_愛普_ms_apmemory_original.pdf
原始內容
M June 1, 2026 11:07 AM GMT
AP Memory Technology Corp | Asia Pacific
April profitability fluctuation
AP Memory reported April 2026 net profit of NT$186mn, +227% Y/Y. April 2026 EPS was NT$1.14, +227% Y/Y. April 2026 net margin wass 23.1%. This is lower than 1Q26 net margin of 32.2% and our 2Q26 net margin estimate of 28.9%. April EPS of NT$1.14 represents 29% of our 2Q26 EPS estimate of NT$3.98.
Remain OW: The April margin appears slightly below 1Q26 and 2Q26e levels, but we attribute this to near-term fluctuations. We remain confident in AP Memory 's multiple drivers, including the S-SiCap market, which is in structural supply shortage (link), and VHM opportunities helped by edge AI (link).
Morgan Stanley Taiwan Limited+
| Daniel Yen, CFA Equity Analyst Daniel.Yen@morganstanley.com | +886 2 2730-2863 |
|---|---|
| Charlie Chan Equity Analyst Charlie.Chan@morganstanley.com Morgan Stanley Asia Limited+ | +886 2 2730-1725 |
| Daisy Dai, CFA Equity Analyst Daisy.Dai@morganstanley.com | +852 2848-7310 |
| Tiffany Yeh Equity Analyst Tiffany.Yeh@morganstanley.com | +886 2 7712-3032 |
| Lucas Wang Research Associate Lucas.Wang@morganstanley.com Morgan Stanley Asia Limited+ | +886 2 2730-2875 |
| Ethan Jia Research Associate Ethan.Jia@morganstanley.com | +852 3963-2287 |
AP Memory Technology Corp (6531.TW, 6531 TT)
Greater China Technology Semiconductors | Taiwan
Stock Rating
Overweight Attractive
Industry View
Price target
NT$1,555.00
Up/downside to price target (%)
38
Shr price, close (Jun 1, 2026)
NT$1,125.00
52-Week Range
NT$1,305.00-268.00
Mkt cap, curr (mn)
NT$182,052
Avg daily trading value (mn)
NT$2,255
| Fiscal Year Ending | 12/25 | 12/26e | 12/27e | 12/28e |
|---|---|---|---|---|
| EPS (NT$)** | 7.74 | 17.65 | 34.34 | 60.74 |
| Prior EPS (NT$)** | - | - | - | - |
| EPS (NT$)§ | 6.30 | 17.77 | 27.46 | 49.58 |
| Revenue, net (NT$ mn) | 5,658 | 9,601 | 17,829 | 30,478 |
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